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Use Unpledged assets of Singh brothers to repay Daiichi’s award: HC


Use Unpledged assets of Singh brothers to repay Daiichi’s award: HC

New Delhi: The Delhi High Court in its interim order has issued a warrant to attach the unpledged assets of RHC Holding Pvt Ltd and Oscar Investments Ltd that is controlled by Singh brothers to enable Daiichi Sankyo to recover Rs 3500 crore international arbitration award from them.

The unpledged assets include shares, moveable and immovable property, art as well as debts owed to Oscar Investments and RHC Holding.

The decision comes after a petition was filed by Daiichi seeking implementation of the 31 January order of the court upholding the enforceability of the Rs3500 crore arbitral award passed against Singh brothers.

The court has also directed the two companies not to operate their bank accounts,  except for paying salaries and making statutory payments.

The court has also passed a ‘Garnishee Order’ so that any debts owed to the two companies could be directed towards paying the award reports ET.

The court had further directed the Singh brothers and others, to submit an up-to-date affidavit declaring all the unpledged assets held by them by the next hearing on March 23.

However, the court order directing Singh brothers and others to maintain status-quo with respect to the remaining unattached assets held by them, directly or indirectly, would continue till the next hearing.

On 31 January, the Delhi High Court had upheld an international arbitral award of Rs 3500 crore passed in favor of Japanese pharma major Daiichi Sankyo, which had alleged that the former promoters of Ranbaxy Laboratories had concealed information about proceedings against them while it was bought by Daiichi in 2008.

Read also: Rs 3,500 crore jolt to Singh brothers as Delhi High Court upholds the arbitral award



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